News
AVANTE LOGIXX INC. SHARE TRANSACTIONS
March 31, 2011
AVANTE LOGIXX INC.
NEWS RELEASE
TSXV TRADING SYMBOL: XX
AVANTE LOGIXX INC. SHARE TRANSACTIONS
Toronto, March 31, 2011 – (TSXV: XX) Avante Logixx Inc. (“Avante” or the “Corporation”) today announced various share related transactions.
The Emmanuel Mounouchos Family Trust (“the Trust”) has completed the transfer of 4,000,000 common shares of Avante to third parties pursuant to a private transaction. The sole trustee of the Trust is Emmanuel Mounouchos, Co-CEO of the Corporation. Following completion of the transaction, Mr. Mounouchos has direct and indirect ownership of 19,369,455 shares representing 34.6% ownership of the shares issued and outstanding.
Mr. George Rossolatos, Co-CEO of the Corporation purchased 500,000 shares of the total transfer.
Prior to the Corporation going public in April 2008, Mr. Mounouchos had converted $310,000 of shareholder loans into Avante common stock at the request of the TSX Venture Exchange (the “Exchange”). This transaction in part serves to return that capital to Mr. Mounouchos.
In a related private transaction, Mr. Mounouchos has reduced the exercise price on 4,000,000 common share options previously granted to Mr. Rossolatos from $0.20 to $0.15.
Further, Mr. Mounouchos through a privately owned corporation Sissano Inc. was entitled to commission compensation based on the sale of certain products and services sold by the Corporation. The Corporation has today completed a purchase of any and all future obligations under this agreement. The consideration paid is $43,942, which amount is equal to a shareholder advance receivable from Mr. Mounouchos which will be offset. The termination of this arrangement will improve margins on these products and services going forward for the Corporation.
In addition, the Corporation intends to reduce the exercise price of an aggregate of 10,135,000 warrants issued by the Corporation pursuant to two separate private placements completed in March, 2010 and November/December 2010. The exercise price of 8,260,000 warrants will be reduced from the original exercise price of $0.40 per common share to $0.30 per common share with the original expiry dates still being applicable. In addition, the exercise price of 1,875,000 warrants will be reduced from the original exercise price of $0.35 per common share to $0.30 per common share for those warrants exercisable during the period commencing on March 18, 2012 and expiring on March 17, 2013. All other terms of the warrants remain unchanged. The purpose of this change is to increase the likelihood that these warrants will be exercised before expiry. The amendment to the exercise price of the warrants is subject to Exchange approval.
With regard to Avante’s business operations, Revenue for the fourth quarter ending today, March 31, 2011, is expected to be approximately 15% higher than the same period last year and revenue for the year ending today, March 31, 2011, will be approximately 10% higher than the previously reported year ended March 31, 2010 and the outlook for continued growth is positive.
Avante Logixx Inc.manufactures and markets the innovative Smartboxx suite of products which provide “anytime, anywhere” true two-way communication. The company is focused on the expanded commercialization of its energy management, security and automation interactive cellular based technology for applications in the utility, property management, telecommunications and other markets. Customizable through a variety of plug-an-play modules, including Zigbee, the SmartBoxxis a next-generation technology for information monitoring and control services. The Corporation also provides premium executive security systems and services through its operating division Avante Security Inc. using its innovative technologies.
Additional information relating to Avante is available on SEDAR at www.sedar.com and on the Company’s website at www.avantelogixx.com.
For more information, please contact:
Leland Verner, Chairman, (416) 823-7474, lelandv@avantesecurity.com
George Rossolatos, Co-CEO, (416) 923-6984 x221, george@ avantelogixx.com
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The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved of the contents of this release.
Certain statements in this release may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially difference from future results, performance or achievements expressed or implied by such forward-looking statements.